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The following selected transactions occurred during the month: Mar. 2 Issued a three-month, 6% note payable in exchange for an account payable in the amount
The following selected transactions occurred during the month: Mar. 2 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $10,000. Interest is due at maturity. 3 Sold inventory for cash totalling $50,000, plus 13\% HST. The cost of 8oods sold was $26,000. Sheffieid uses a perpetual inventory system. 4 Received the property tax bill of $16,000 for the calendar year. It is piyyable on May 31 (Hint: Noaccrual has feen) recorded during the year, 12 Provided services for customers worth $10.000 plus HST of 13%. The compary regcived payment in full for servicesand HST 16 Remitted $9.418 to the government for amounts owing mont the Fobruary payroll for employec paryroll deductions 27 Paid $30.000 to trade credifors an accouts
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